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Unemployed

Posted 8 October 2015

Bob says:
8 October 2015 at 15:03

I was retrenched and I'm presently unemployed. I'm living on the interest from a lump sum investment which amounts to about R8000 per month. Do I need to pay tax?

TaxTim TaxTim says:
8 October 2015 at 21:23

There is an annual interest exemption of R23,800 (under age 65) and R34,500 (over age 65).
This means your interest will only be taxed above these amounts. However, if you are not earning any other income your taxable income will be below the tax threshhold and therefore you won't need to pay tax.

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